Value of Shrewsbury shopping centres decrease by over £5m in twelve months
The value of Shrewsbury shopping centres has dropped by more than five million pounds in the past 12 months.
Shropshire Council has today reported that the statutory valuation on 31 March 2021 is £12,350,000, compared with £17,500,000 in March 2020.
The council says the drop in property value is not unique to Shrewsbury with widely reported falls in value across the UK as retailers and leisure operators face challenging times and changing business models, due to increased online shopping and the Covid-19 pandemic.
Shropshire Council purchased the centres in January 2018 so they could improve and manage the future Shrewsbury retail experience. The Council is investing in the centres through economic regeneration to create a better place for businesses, communities and visitors to live, enjoy and experience.
The Darwin Centre's footfall is approaching 2019 figures and is forecast to be 97% let (as opposed to 87% let in 2018). Income has grown this year due in part to several recent and upcoming tenant relocations from Pride Hill including F Hinds, The Entertainer, Clarks and Lipstick & Gin.
Shropshire Council also says its transformation of the Riverside site remains a priority with the planned demolition of the 1960s shopping centre and redevelopment of the site impacting its market value in the interim.
The Pride Hill Centre is also a key site for redevelopment and repurposing to bring new life to the town centre through the introduction of flexible space that could become home to a variety of mixed-use options uses including civic, community and commercial occupiers to complement the high street and independent businesses.
